Experienced trader Peter Brandt is cautioning that Ethereum’s (ETH) primary rival is facing the possibility of a substantial correction.
Brandt informs his 738,400 followers on the social media platform X that Solana (SOL) might drop below a crucial support level at the lower edge of a trading range, potentially causing a decline of over 43% from its current price.
“Observation regarding SOL. At a support level. Should this support [around $129] be breached, a large rectangle will complete and target $80 and change.”
Conversely, pseudonymous crypto trader Inmortal shares with his 216,000 followers on X that Solana might be poised for a major breakout.
“Solano go brrrrr.”
Analyzing his chart, the trader indicates that Solana could break free from a downward resistance line, consolidate, and surge to about $350 by the summer of 2025.
As of this writing, Solana is trading at $142, reflecting an increase of nearly 8% in the past 24 hours.
Brandt has also recently laid out a possible scenario for Bitcoin, which could result in new all-time highs.
He speculates that Bitcoin might be forming a significant cup-and-handle pattern that traces back to late 2020.
“Might we declare Tea and Crumpets on this chart?”
A cup-and-handle formation is generally regarded as a bullish continuation pattern, indicating that an asset is experiencing a pause after a sharp rally before breaking through a critical resistance level.
At the moment, Bitcoin is trading at $63,029, showing an increase of nearly 3% in the last 24 hours.
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Disclaimer: The views expressed at The Daily Hodl are not recommendations for investment. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse buying or selling any cryptocurrencies or digital assets, nor does it act as an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
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